One of the best songs written by Jerry Cantrell, lead guitarist from Alice in Chains. This AWESOME song is sung so beautifully and harmonized perfectly by Cantrell and Alice in Chains lead singer, Layne Staley.

Fact: Awesome bass and drum.
Fact: Awesome Layne Staley voice.
Fact: Jerry wrote this song about Andrew Wood, a singer and friend from the grunge/Seattle area back in the early 90's, who died of a heroin overdose.

Fact: Many interpretations are written about this song, but only one true meaning (see Fact #1)
Fact: Is from the album "Dirt" and also on the MTV Unplugged performance

When you eat dirt for the first time and leave your family to build a shack in the woods

a person whom "you would" have sex with and a game by the same name with friends.
to expedite the process, 'would' will suffice.
however, this small game has gained massive momentum and the creative forces that be have expanded to an entire would/wood game.
Further definitions will follow.

wood if bored (particle board), wood if drunk (driftwood), cherrywood (virgin), weeping willow (flexible,athletic), redwood or teakwood (one you want to marry), laminate wood (fake tits or just fake personality), mahogany or sandalwood (addicted to money, rich), bamboo (hot, but dumb), oak (ok, but still would), maple (under 18, sticky situation) and Pop would (amazingly beautiful)
there are much more, have fun with it

A word used in place of the word "did" to make the sentence seem redundant and foolish.
Despite "would" being the future tense of the word "will", it's used in place of the past tensed "did", thus making the statement ridiculous.